December 09, 2019
 

In today's episode of The Entrepreneurial Dentist, Avi Weisfogel discusses how to build a dental practice so that you can sell it for maximum value.  Listen to the podcast or watch the video podcast on Vimeo

Avi Weisfogel's Video Podcast on Selling Your Dental Practice

Read the Transcript of the Podcast Below

Avi Weisfogel, The Entrepreneurial Dentist coming to you guys with the tips for today, which is really looking at the value of your practice. What the practice value is, and listen, what did, what do you get when you sell your practice? You know, part of my mission is always to make it so when a dentist goes to sell his life's work, he gets the max for it.

Even then, it's not the prettiest thing. The trajectory path of most dentists is build your practice, keep your practice way past the point of its highest peak, and then sell it. As we know, dental practice itself are typically around 70 cents on the dollar. What I mean by that is there's this formula and this formula was just put out by someone and it's accepted.

70% of like the three year average growth seems to be a number that practices go for. Now. Of course, there are times where it goes for a little higher. There's times where it may go for lower. Let's talk about a time it may go for higher. DSO is are coming in with all sorts of offers and you feel like you've just hit the jackpot.

What comes with that. A big restriction on your time. So it's like, well, I, this is great. I'm getting such an offer. How can I turn it down? But then you're not looking into the full picture, the full picture of how much you're able to create revenue wise during the period that you are beholden to this DSO three years, five years.

And then what are you able to do in addition to when you sell out to this DSO. Yeah. It's a difficult process. So if you sell it to a DSL where your number gets higher, you're actually losing more money than if you just sold it, walked away and did something different with your time where you were actually maximizing the value I have.

So there's an exercise that you should do. It's called how much do I need to make per hour to pay my bills. And how much do I need to make per hour to pay my bills, put some money away for retirement, and how much do I need to make per hour to pay my bills, make some money for retirement, put some money away for a time and have a little fun in the process.

And these are the numbers you need to know because then you judge the activities and it can't be shortsighted. It can't just be, well, if I need to make $500 per hour and I'm about to get 700,000 look at the headstart it gave me. But what do you weigh then then able to do with that time is really the issue and if you sell for a lot and you are stuck and you now have to work for X amount of years at X production, salary, whatever it may be, how is your numbers looking then.

Yeah. Let's talk about another thing that goes into it. Equipment  I, I've talked about this numerous times. How much of value does the equipment get in this process? The answer, unfortunately, is none. I recently met a dentist who bought somebody old equipment. Oh, patients attached no money. You know, she paid for the equipment.

There was a bank that actually funded this, even though this wasn't the right thing to do. You can get into trouble way too easily in this industry. There has to come a time where you start to look at things the way a businessman does. You have to stop thinking like a dentist. You have to start looking at the alternatives and the possibilities of what you can make in this world.

Of what you're capable of doing. You know, your job. If you're like me, my job was, Hey, I'm a man. I get to go support the family. Yes, I know old fashioned ideas. Women make a great living these days. I know plenty of successful, uh, females in the world of dentistry and business in general, but I felt it was my responsibility to support the family.

That was the gig that was put on me, and so I had to really buckle down and go for it. In my case, I bought a dental practice and I kept going with the idea of trying to make it nicer and this is going to be the answer and that's going to be the answer when the reality is none of these pieces of equipment were the answer.

The answer was more, Hey, gain a better understanding of business. You really want to provide for your family, gain a better understanding of business, what business is about, what your time is worth. And what you can do with your time. How are you going to maximize your time? So the biggest value is coming off what you do.

Really the answer is you need something that can scale something that grows without you. There are, the industry is not that. If you're going to just do dentistry as your career. You have to get a handle on overhead. You can't keep buying equipment. You have to be able to look at ideas that are gonna allow you to grow.

Otherwise, honestly, your head for a lifetime of stress. A lifetime of figuring out where and how you're going to pay the bills, a lifetime of borrowing money to pay the bill. It's absolutely the worst case scenario because what's going to happen three to six months after you borrowed that money is now you're going to have to still pay the same bills that got you in over your head only now you have another loan on top of it.

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You also might like to listen to Taking Your Dental Business To The Next Level

December 05, 2019
 

Today’s thought from Avi Weisfogel is more about how you're going to get to the next level. Avi talks about the importance of sales and sales leadership to bring your dental business to the next level. Learn more about Dental Sleep Medicine and Avi Weisfogel's Dental Sleep MBA, dental coaching program

Visit Avi Weisfogel's website https://draviweisfogel.com


Watch the Video:

Take Your Dental Business to the Next Level


Or Listen to Avi's Podcasts on Stitcher

Dr. Avi Weisfogel also has podcasts available here
Avi Weisfogel, Apple.com

Transcript of the Video and Podcast:

So we're putting together a really neat sales and leadership summit. This is the first of many of these to come. What is business in general? Any business, no matter what business you're in.

Sales rules, high sales cures all. If you're doing a lot of selling, you're doing well. Now as a dentist, maybe selling seems to you a little bit different. Why? Because people are coming to you asking for your expertise and so you're selling them. But how many patients. Sold. Did you sell a crown too?

How many of those patients needed that crown? And I mean, a really needed it. Like what happens if they don't have that crown? Anything? Life is over. They have one less tooth to chew on. What happened? We would just take that to the out. So you're selling them a service. Now you're selling them something you're used to selling.

So you're not thinking of yourself as a salesperson. So. How do we then create a salesperson out of someone who doesn't consider them to be a sales person? And this is what we want to help you do. Let's talk about leadership. Turning dentists into leaders right now. This is one of the things that most, and the struggle is staff, staff turnover.

Uh, getting staff to do what you need them to do, what you're asking them to do, getting them to do it. Uh, and be happy to do it. You know, getting peak performance out of your staff. I've seen a lot of dentists who have staff like the same three staff members for 45 years, and typically those offices, coast money is of zero concern whatsoever.

You do however you do, and everybody's happy and everybody does their jobs and it wouldn't work any other way. I've also seen dentists offices where staff turnover is like 18 months or less. And there's another staff member and another staff member, and it's usually not about money. It's usually just about life.
You know, life getting in the way. What is stopping this person from achieving their goals and their dreams? Is it you? Is all of a sudden the grass greener at doctor so and so's office rather than your office? What was it that your office was not able to do? And usually this comes down to simple leadership.

So today's tip. For you is to focus on what you're doing well. So a lot of people tend to look at the negative aspects of it all. What's not working? This isn't working, that isn't working well. Something's working. You have a business, it's open. You have some patients come to you. I assume you have some satisfied patients.

What is it that worked that got you those patients? What were the behaviors? What were the marketing strategies? How did that person end up in your office? And it's called focusing on those positives rather than dwelling on the negatives. Hey, we produced X amount this month, but we really needed to produce X plus Y.

We'll start focusing on the fact that in order to produce, let's say, 100,000 a month, you first need to produce 50 what did you do that got you to produce that 50,000 and what behaviors can you repeat that will allow you to get to a hundred. So you've got to do different things to get you there, but you got to focus in on the ones that are working and do more of the same.

Whatever's working, keep doing it. Chances are things will end up exactly where you want them to. Eye on the prize guys. Goals systems get you everywhere, right? So I was speaking to someone today. We were talking about how, you know. Slow and steady can win the race when it comes to sleep. Dental, sleep, medicine, which is where we worked.

Sure, you have to be slow and steady because if you try to rush it, nothing will come faster. But if you're repeating the same steps lowly. And they're not steps that make sense regardless of how frequently you do it. Probably not going to get anywhere. So what do you do? Slow steady goals, system coaching to take you to that level.

That wins out every time. Have a great day!

Find Avi Weisfogel on Social Media

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Dr. Avi Weisfogel's Vimeo Channel

November 26, 2019
 

In today's podcast Avi Weisfogel discusses the Dental Sleep MBA, a four year continuing education program for dentists. 

Watch the Dental Sleep MBA Podcast Below

 

Get more information about Dental Sleep MBA or Register for an Event

Dental Sleep MBA Registration and Information https://dentalsleepmba.com/

Dental Sleep MBA

Dr. Avi Weisfogel can also be found on social media


Connect with Avi Weisfogel on Linkedin 
Follow Avi Weisfogel on Twitter 
Check out Dr. Avi Weisfogel's Facebook 
Watch all of the podcasts on Vimeo

Or subscribe to The Entrepreneurial Dentist podcasts on Stitcher or Apple.com

About Entrepreneurial Dentist

Avi Weisfogel, Doctor of Dental Surgery, offers business advice to dentists that need help building a successful dental practice. Find out how Dr. Weisfogel overcame all the hurdles that can come from out of control overhead costs by guiding you with real solutions. Join Avi Weisfogel, D.D.S on his weekly podcasts where you will learn the business lessons and management skills you were never taught in dental school.

November 26, 2019
 

Avi Weisfogel coming to you with today's thought. Today's thought has to be centered around the idea of a dentist and his comfort with risk.

When I sit down with someone to talk about Dental Sleep MBA I'm looking to see if this business is really for you.

I am no longer ever chasing a dentist to become part of what we do. As a matter of fact, you're going to have to convince me in a big way. When I sit down on these one-on-ones with dentists and say, convince me that you have what it takes to succeed in this business.

I'm not looking for members. Convince me that you have what it takes, and if you can convince me, good luck to you. Are you happy where you are today? Are you enjoying where you are today? If you are, why are you here? If you're here just as a business opportunity, why don't you look at this based off of the numbers. Because the numbers just make too much sense.

Watch the Podcast from Avi Weisfogel

Follow Avi Weisfogel online and at his website https://draviweisfogel.com

https://www.linkedin.com/in/aviweisfogel
https://www.crunchbase.com/person/avi-weisfogel
https://twitter.com/avi_weisfogel
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https://vimeo.com/draviweisfogel/

Check out this video about Avi Weisfogel Lawsuit Prevention

November 26, 2019
 

Today's thought from Avi Weisfogel is centered around the idea of a dentist and his comfort with risk.  

When I sit down on these one-on-ones with dentists and say, convince me that you have what it takes to succeed in this business. I'm not looking for members. Convince me that you have what it takes, and if you can convince me, good luck to you. 

Avi Weisfogel's Thought for the Day

Stop Making Stupid Decisions

Watch Avi Weisfogel https://vimeo.com/draviweisfogel/

November 12, 2019
 

In today's episode of the Entrepreneurial Dentist with Dr. Avi Weisfogel, he discusses how to protect yourself and your business in case you are hurt and disabled.

Watch Avi Weisfogel - Episode 7

Additional Podcasts from Avi Weisfogel

Avi Weisfogel License Revoked - How to Avoid and What to Do

Avi Weisfogel Lawsuit Information

Dental Sleep MBA - Continuing Education for Dentists

The seek of knowledge in the dental practice does not end in passing the board exam. To build a productive and successful dental practice, dentists should undergo continuing education. Dr. Avi Weisfogel is one of the successful dentists who proactively stressed the importance of continuing education.

Business-wise, there is more to do in dental practice. Dr. Avi experienced it first-hand when he opened his practice in New Jersey. From being a dentist, he jumped into the world of sleep medicine. Dr. Avi Weisfogel incorporates dentistry and sleep medicine, which paved the way for dental sleep medicine. He shared the clinical and business aspects of dental sleep medicine to his colleagues.

He is the man behind Dental Sleep Masters, a course which aims to help dentists become successful in dental sleep medicine practice. Dr. Avi Weisfogel has been treating sleep patients since he started his general dentistry practice. His keen interest in the marketing and business aspects of dentistry has led to joining the marketing club for Dentists. However, he couldn’t seem to find a successful marketing strategy that would lead to a constant stream of oral appliance patients.

The International Academy of Sleep

In 2010, he left his general dentistry practice and opened his own company dedicated to sleep medicine. It took him years and millions of dollars to create a system that generates an endless stream of patients per month. Together with his friend, he created the International Academy of Sleep, a platform that teaches the system to other dentists and allied health professionals. The International Academy of Sleep improves the health care distribution in the world of sleep medicine.

Aside from the International Academy of Sleep and Dental Sleep Masters, Avi Weisfogel runs a podcast to reach a broad audience. In his podcast, he shares valuable inputs about dentistry, dental sleep medicine, and the business aspects of running a dental practice. His latest podcast, Entrepreneurial Dentist, tackles the challenges faced by dentists business-wise. He gives tips and advice, which will help dentists navigate the tricky nature of business operations.

Dr. Weisfogel's podcast tackles the practical yet effective way of running a dental practice. His tips will help dentists in maximizing the efficiency and success of their business. The podcast can be accessed anytime and anywhere using a platform you are most comfortable with. So, whether you are in your house or commuting, you can listen to his podcast and equip yourself with the keynotes you need to run a successful dental practice.

Entrepreneurial Dentist is designed for new dentists as well as dental professionals who are looking to operate an efficient practice. It tackles the most crucial aspects of dental practice management. It includes team management, business plan, and strategy, financial management, legal and ethical issues that arise in dental practice, leadership, and conflict management, to name a few.

 

November 04, 2019
 

 

In this episode of Avi Weisfogel's The Entrepreneurial Dentist, Dr. Avi Weisfogel discusses how to avoid a lawsuit, and how not have your license revoked by the Dental Board.

How to Avoid Having Your License Revoked

When you come out of dental school you could be somewhere around $600,000 in debt, and all you get is a piece of paper.  You do not have your dental degree. Yes, you're technically a doctor but not necessarily a practicing doctor you, now have to take a test right which we all know is the board's to be able practice, and this is only for certain areas of the country, which insanity that we can't even agree that if you pass the test you could practice.

And then that little piece of paper called your license can be taken away and revoked at any time by a random group of strangers, all of them believe that they're better than you. This is fact guys. If you've ever gone in front of the Dental Board, you know exactly what I'm talking about. Nothing gave me more pleasure in my life then going up to them and saying, “hey see this license” (ripping it up). now think about that. I spent hundreds of thousands of dollars on my license just to get my license and then to be able to go and do that in front of a board was I'm telling you one of my most fulfilling moments of my life but in reality sounds insane.

Listen to the entire podcast for all the details, Avi Weisfogel is on Stitcher and several other podcasting platforms.

Previously from Avi Weisfogel

Avi Weisfogel Lawsuit Prevention - a great video pertaining to marketing your business and lawsuits.

Connect with Avi Weisfogel on Linkedin or Twitter

Additional Websites from Dr. Avi Weisfogel


www.dentalsleepmba.com

Dr. Avi Weisfogel

October 25, 2019
 

In this episode of The Entrepreneurial Dentist you will hear Dr. Avi Weisfogel speak about the Happiest Dentist.  The Happiest Dentist was awarded to one of the members of The International Academy of Sleep while at their retreat in New Orleans.

Avi Weisfogel discusses the incredible revenue numbers that this dentist is bringing in through with over 70 oral appliances per month, and exactly how he does it.

Watch the podcast on Vimeo - The Happiest Dentist Award 2019

Register for an event with International Academy of Sleep at www.dentalsleepmba.com

Check out Dr. Avi Weisfogel's podcasts on his website

Another video you might like - Avi Weisfogel Lawsuit Prevention

Additional Information about the International Academy of Sleep







October 22, 2019
 

Find out why Avi Weisfogel was almost found in a lawsuit and how he avoids this with his legal team. Sometimes aggressive marketing can get you in trouble with legal, so make sure you have a team of lawyers that your trust who have your best interest.

Watch this podcast on Vimeo Avi Weisfogel Lawsuit

 

Follow Dr. Avi Weisfogel on Linkedin and make sure to tune into his podcasts every week.

avi weisfogel lawsuit

 

October 17, 2019
 

Avi Weisfogel gives his listeners a really important sales tips to help dental entrepreneurs to start making money again in their industry.

Watch the video presentations for The Entrepreneurial Dentist on Avi's website 


Contact Avi Weisfogel at the International Academy of Sleep.

Dental Sleep MBA
Avi Weisfogel D.D.S.
2400 Morris Ave Suite 204
Union, NJ 07083
+1-908-258-0341

International Academy of Sleep Logo

Also contact Avi Weisfogel on Linkedin

Avi Weisfogel - Entrepreneurial Dentist on Vimeo